GSR ETF: Focusing on Companies Involved in Cryptocurrency Rather Than Direct Coin Investment

GSR Markets, a prominent player in crypto trading and market making, has submitted a proposal to introduce an innovative exchange-traded fund (ETF) centered on businesses that hold digital assets within their corporate treasuries. The planned GSR Digital Asset Treasury Companies ETF is designed to combine shares of companies—such as MicroStrategy and

Technologies—into a unified investment product, granting investors access to organizations that accumulate and retain tokens like , , and Solana An ETF For Crypto Treasury Firms—Like … [ 1 ]. This differs from conventional crypto ETFs, which directly possess digital currencies, by instead pooling equity in companies that integrate crypto into their financial reserves GSR Files for ETFs to Track Crypto Treasury Companies [ 3 ]. The ETF is anticipated to include 10–15 holdings from 5–10 different firms, with at least 80% of assets invested in publicly traded companies with substantial crypto assets GSR Proposes Crypto-Treasury ETF and Multiple Altcoin Funds to … [ 4 ].

The ETF’s framework mirrors a larger trend in which public companies raise funds through equity sales and reinvest those proceeds into digital assets. This method has contributed to rising share prices for companies like Strategy Inc. (MSTR) and CEA Industries (BNC), whose valuations have climbed alongside the value of their crypto holdings Wall Street wraps the stock market’s crypto hype … [ 2 ]. GSR’s proposal features a 15% allocation to private investments in public equity (PIPEs), aiming to enhance liquidity for institutional participants while complying with the Investment Company Act of 1940 GSR Seeks ETF Backed by Crypto Treasury Firms in Bold Wall … [ 5 ]. However, the ETF’s returns may not move in lockstep with crypto prices, as its performance is tied to the stock prices of these companies rather than the direct value of the tokens GSR Seeks ETF Backed by Crypto Treasury Firms in Bold Wall … [ 5 ].

Regulatory changes have made such offerings more viable. In late 2024, the U.S. Securities and Exchange Commission (SEC) approved broad listing rules for commodity-based ETFs, simplifying the process for crypto-related fund approvals GSR Proposes Crypto-Treasury ETF and Multiple Altcoin Funds to … [ 4 ]. This regulatory update has already paved the way for products like Grayscale’s Digital Large Cap Fund (GDLC), which tracks a basket of cryptocurrencies. GSR’s ETF application comes amid a wave of new crypto fund filings, with more than 90 awaiting review as of August 2025 GSR Seeks ETF Backed by Crypto Treasury Firms in Bold Wall … [ 5 ]. The company’s move into ETFs represents a strategic shift from its traditional market-making business, using its liquidity expertise to meet institutional demand for structured crypto investment options Wall Street wraps the stock market’s crypto hype … [ 2 ].

Nonetheless, market conditions pose obstacles. Although crypto treasury firms collectively held over $117 billion in tokens by mid-2025 An ETF For Crypto Treasury Firms—Like … [ 1 ], many have seen their stock prices fall as investor interest has cooled. Companies such as ETHZilla have turned to debt-financed share repurchases to support their stock prices, raising questions about the long-term viability of this approach GSR Seeks ETF Backed by Crypto Treasury Firms in Bold Wall … [ 5 ]. GSR’s ETF will need to manage this volatility, as its performance could be affected by both fluctuations in crypto prices and the financial strategies of its constituent companies. The fund’s prospects will depend on whether investors perceive these firms as innovative stewards of capital or as risky bets facing mounting pressure.

GSR’s ETF ambitions extend beyond the crypto treasury space. The company has also put forward four additional funds targeting Ethereum staking, altcoin diversification, and core crypto holdings. These include the Ethereum Staking Opportunity ETF, which would use offshore entities to stake Ether, and the Crypto Core3 ETF, which plans to directly hold Bitcoin, Ethereum, and

in equal proportions GSR Files for ETFs to Track Crypto Treasury Companies [ 3 ]. This range of offerings highlights a broader industry movement toward expanding crypto investment options beyond just Bitcoin and Ethereum, taking advantage of the increasing popularity of proof-of-stake systems and tokenized assets GSR Proposes Crypto-Treasury ETF and Multiple Altcoin Funds to … [ 4 ]. With corporate treasuries now holding over $1 trillion in digital assets GSR Seeks ETF Backed by Crypto Treasury Firms in Bold Wall … [ 5 ], the market is increasingly ready for investment products that combine innovation with regulatory safeguards.